NAB FX Technical Strategy Research notes that AUD/USD price remains trapped in an approximate 0.7450/0.7750 range.
On the upside, NAB notes that repeated failures above 0.77 in 2017 confirm that resistance up to 0.7870/90 is likely to remain a firm obstacle.
On the downside, NAB argues that recent failures in price and momentum imply that risk has increased for a challenge of the bottom of the range.
On a weekly close, NAB notes that failing to maintain a close below cloud top (currently 0.7500/20) imply that AUDUSD remains in a 0.7450/0.7750 range on a multi-week basis.
AUD/USD is trading circa 0.7545 as of writing.
Source: NAB ResearchOriginal Article
